Manulife U.S. REIT to purchase three assets for $201.6m
Transactions - NOVEMBER 30, 2021

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Manulife U.S. REIT to purchase three assets for $201.6m

by Andrea Zander

Manulife U.S. Real Estate Management Pte. Ltd., in its capacity as manager of Manulife U.S. REIT, has made several acquisitions in the Phoenix and Portland, Ore., metro areas.

The firm has plans to acquire with Tempe Diablo the Diablo Technology Park located at 2900 South Diablo Way in Tempe, Ariz., for $61.75 million; Park Place located at 1650 and 1700 South Price Road in Chandler, Ariz., from CAZ 5 DE LLC for $106 million; and Tanasbourne Commerce Center located at 3188 and 3175 NE Aloclek Drive and 3300 NE 83rd Ave. in Hillsboro, Ore., from Tanasbourne Property for $33.85 million.

Diablo Technology Park is a five-building collaborative office campus, totaling 354,434 square feet. The property features large, flexible floorplates, an on-site café and fitness center, indoor and outdoor amenity areas, ample parking, and excellent visibility and frontage along Interstate 10. Potential data center capabilities exist due to an abundance of power and cooling capacity.

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